There are three things to know: digitalization, consolidation, and Alibaba.
Alibaba’s annual Singles Day brings in billions of revenue every year. Its mascot matches the literal meaning of TMall’s old name, “sky cat,” and can also be spotted in the company’s logo. Credit: Alibaba Group
Retail in China has been defined by two trends: the rapid growth of e-commerce and market consolidation. The share of the market controlled by the country's ten biggest retailers has nearly doubled since 2008, and the three largest retailers all run operations that are primarily online.
Though the United States remains the world's biggest market for retail sales, China is the largest e-commerce market, accounting for nearly half the world's retail e-commerce sales, according to McKinsey
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